• NEW_CC FUNDS 2017_ITALIAN WEB BANNER EURO-02

Fondo Obbligazionaro Euro ad Alto Rendimento (Accumulatore.)

  • OBIETTIVI DI INVESTIMENTO

    L’obiettivo del Fondo è di massimizzare il profitto per gli investitori, grazie ad investimenti realizzati su diversi portafogli obbligazionari. Per raggiungere tale obiettivo, il Gestore degli Investimenti investe principalmente in un portafoglio diversificato nel medio termine, comprensivo di titoli societari e governativi con scadenza massima di 10 anni.

     

    STRUTTURA

    Il Fondo è amministrato secondo la struttura dell’OICVM, che è divenuta lo standard per i fondi di investimento nell’UE, per gli investitori al dettaglio. I fondi OICVM sono ideali per gli investitori al dettaglio, poichè sono stati progettati appositamente per garantire diversificazione e liquidità attraverso specifici parametri, imponendo classi di attività e restrizioni agli investimenti secondo quanto stabilito dal diritto comunitario.

     

    GESTIONE

    I fondi sono amministrati da un gruppo di investitori professionale presso Calamatta Cuschieri Investment Management Ltd, i quali controllano quotidianamente i loro sviluppi.

Panoramica

→ Profilo dell’Investitore
→ Valute Disponibili
→ Versamento dei Dividendi
→ Monitoraggio e Pricing
→ Commissione di Entrata e di Uscita
→ Investimento Minimo
→ Il vademecum del Regolamento dei Fondi
→ Target del Dividendo
→ Informazioni Aggiuntive

Commento

July 2017 Commentary

Yet another remarkable performance for global credit markets in July as the flight to yield in a low volatility environment persisted in the first month of the third quarter of 2017. And credit markets marched on yet again. Spreads ground even tighter to year-todate lows. From European High Yield to US High Yield to Emerging Market debt markets. Monies continue to flow in the asset class, and there does not seem to be any signs of abating yet. With European High Yield registering a 0.93% gain during the month, followed by a 1.15% rally in US High Yield markets, investors must begin to wonder how much lower can spreads go, or rather, how tight must valuations get for there to be a slowdown in all this jubilance.

With earnings season in full swing and two key central bank meetings out of the way, credit markets threaded along and have been anything but volatile heading into the lull of summer market activity.

We are aware that investors could get ahead of themselves, particularly in Europe as the strong set of earnings releases so far and the string of debt portfolio enhancements of corporate bond issuers since the start of the year have placed issuers on a better footing, whilst in the meantime, spreads continue to tighten.

In addition, with the imminent reduction in the ECB’s quantitative easing programme, we do not exclude investors anticipating Draghi’s next move and moving the market before any official announcement, in their attempts to pre-empt any potential sharp uptick in benchmark yields. With benchmark yields rising, the hunt for yield could abate, particularly within that segment of investors who stepped down the ratings ladder for an improved yield. This could ultimately mark the start of a correction in high yield markets. Not only in the single currency region but also spill over across the Atlantic.

Another possible scenario could also be bond issuers rushing to bring fresh bonds to the market to lock in financing costs at current low levels in anticipation of rising financing costs. If this results in an inundation of bond issuance, we could well witness a repricing in both the primary and secondary markets towards the latter part of the year as the increase in supply could dent investor’s hopes for any grind tighter in spreads from this point forth.

The US Federal Reserve kept interest rate in check and left door open to begin unwinding its balance sheet possibly as early as August, but was nonetheless dovish on the inflation front as the headline rate reference was changed to ‘running below 2%’ from ‘somewhat below’.

Meanwhile, recent data suggests that governments and companies from emerging market economies nations have issued in excess of $400 billion worth of euro and dollar bonds in the first seven months of 2017; the fastest rate on record. This comes to no surprise as ultra-loose monetary stances in Europe and the US coupled with an ever-weakening US dollar has compelled investors to search for yield beyond the developed world, by venturing into higher-yielding assets such as emerging-market bonds. Emerging market debt posted a satisfactory 0.85% during the month of July and are up by 5.92% year-to-date.

Credit spreads tested historical lows during the month, and the Manager sought to participate in this rally by adding positions in Intralot whilst also cautiously adding on to USD denominated debt via an exposure to Chinese property developer China Evergrande Group. The Manager was faced with yet another bond being called during the month, that of United Group, but grasped the opportunity to participate in the issuer’s new bond on the primary market in an attempt to keep cash balances at healthy but not excessive levels. In addition, the Manager reduced exposure to Investment Grade bonds by closing off exposures in the long-dated ETFs.

Scheda

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto High Income Bond Fund – EUR (Accumulator)
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Consulente Fondo DF – Asset Allocation (Lugano, Switzerland)
    Depositario Sparkasse Bank Malta p.l.c.
    Amministratore Fondo Calamatta Cuschieri Fund Services Ltd.
    Revisori Deloitte Malta
    Consulenti Legali Ganado & Associates
    Data di Lancio 1st September 2011
    Sede Malta
    Valuta Euro (€)
    Frequenza Negoziazioni Settimanale
    Dimensione Fondo €49.8 million
    Numero Titoli 78
    Tassa Iniziale fino a 2.5%
    Commissione di Gestione 1%
    Data Pagamento Dividendi 31 March
    30 September
    Numero ISIN EUR – MT7000003059
    Investimento Minimo Iniziale € 2,500
    Investimento Minimo Addizionale € 500

    Performance History (%) *

    Calendar Year Performance YTD 2016 2015 2014 Since
    Inception *
    Share Class A – Total Return 3.78 4.96 -0.89 1.72 13.72
    Rolling 12 month performance to last month end 27/07/16

    26/07/17

    29/07/15

    27/07/16

    30/07/14

    29/07/15

    31/07/13

    30/07/14 

    Share Class A – Total Return 5.69 0.89  -0.82  7.98

    * The Accumulator Share Class (Class A) was launched on 29 May 2013.

    Top 10 By Country*

    Country %
    France 9.6
    Germany 8.4
    Great Britain 6.6
    United States 6.2
    Spain 5.1
    Luxembourg 4.8
    Italy 4.4
    Malta 4.0
    Switzerland 3.3
    Netherlands 3.0

    *including exposures to CIS

    By Credit Rating*

    Credit Rating %
    BBB 14.2
    BB 24.6
    B 33.4
    CCC+ 1.4
    Less than CCC+ 1.2
    Not Rated 3.3
    Average Credit Rating BB

    *excluding exposures to CIS

  • Top 10 Exposures %

    Exposure %
    6.375% Trinseo 2022 2.2
    4.125% HP Pelzer 2024 2.1
    6.125% Chemours 2023 2.0
    4.00% Ineos 2023 2.0
    6.50% Lecta 2023 1.8
    6.00% Intralot 2021 1.7
    6.25% Synlab 2022 1.6
    7.50% Garfunkelux 2022 1.6
    7.00% Wind 2021 1.6
    6.25% Banco Santander 2166 1.6

    Performance ad Oggi (EUR)

    Currency Allocation

    Currency %
    EUR 94.6
    USD 5.4
    Others 0.0

     

    Asset Allocation

    Currency %
    Cash 17.4
    Bonds 78.1
    CIS/ETFs 4.5

     

    Maturity Buckets*

    Age %
    0 – 5 years 55.3
    5 – 10 years 15.8
    10 years+ 1.8

    *based on the Next Call Date

    Sector Breakdown*

    Sector %
    Financial 23.8
    Basic Materials 11.2
    Consumer, Cyclical 10.4
    Industrial 8.6
    Consumer, Non-Cyclical 8.1
    Communications 7.9
    Energy 3.6
    Utilities 2.7
    Government 1.8

    *excluding exposures to CIS

Informazioni Legali

Questo documento è stato pubblicato da Calamatta Cuschieri & Co. Ltd (“CC”). CC è un membro fondatore della Borsa di Malta ed è stato autorizzato a svolgere servizi di investimento mobiliare a Malta, dall’autorità finanziaria del governo di Malta. Questo documento è stato redatto per puro scopo informativo e non deve essere interpretato come una consulenza finanziaria. Questo documento non costituisce un’offerta o un invito, da parte di CC, rivolto a qualsiasi persona a comprare o vedere alcun strumento finanziario. CC ha stilato questo documento basandosi sulle informazioni ottenute da risorse che si ritiene siano affidabili, ma sulle quali non è stata compiuta una verifica personale. Questo documento non può essere riprodotto ne per intero ne in parte, senza un’autorizzazione scritta da parte di CC.